Hamlet Protein A/S Saturnvej Horsens Central Business Registration No Annual report 2017

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1 Deloitte Statsautoriseret Revisionspartnerselskab CVR-nr City Tower, Værkmestergade Aarhus C Phone Fax Hamlet Protein A/S Saturnvej Horsens Central Business Registration No Annual report The Annual General Meeting adopted the annual report on Chairman of the General Meeting Name: Christen Steffensen Member of Deloitte Touche Tohmatsu Limited

2 Hamlet Protein A/S Contents Page Entity details 1 Statement by Management on the annual report 2 Independent auditor's report 3 Management commentary 6 Consolidated income statement for 14 Consolidated balance sheet at Consolidated statement of changes in equity for 17 Notes to consolidated financial statements 18 Parent income statement for 25 Parent balance sheet at Parent statement of changes in equity for 28 Notes to parent financial statements 29 Accounting policies 34

3 Entity details Hamlet Protein A/S 1 Entity details Entity Hamlet Protein A/S Saturnvej Horsens Central Business Registration No (CVR): Registered in: Horsens Financial year: Board of Directors Kjeld Johannesen, Chairman Michael Specht Bruun, Deputy chairman Søren Dan Johansen, Deputy chairman Christoffer Erik Mathies Lorenzen Sarah Bibi Vawda Torben Gosvig Madsen Executive Board Søren Munch, CEO Søren Bank Rasmussen Auditors Deloitte Statsautoriseret Revisionspartnerselskab City Tower, Værkmestergade Aarhus C

4 Statement by Man agement on the annual r eport Hamlet Protein A/S 2 Statement by Management on the annual report The Board of Directors and the Executive Board have today considered and approved the annual report of Hamlet Protein A/S for the financial year The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity s financial position at and of the results of its operations for the financial year We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Horsens, Executive Board Søren Munch CEO Søren Bank Rasmussen Board of Directors Kjeld Johannesen Michael Specht Bruun Søren Dan Johansen Chairman Deputy chairman Deputy chairman Christoffer Erik Mathies Lorenzen Sarah Bibi Vawda Torben Gosvig Madsen

5 Independ ent auditor's report Hamlet Protein A/S 3 Independent auditor's report To the shareholders of Hamlet Protein A/S Opinion We have audited the consolidated financial statements and the parent financial statements of Hamlet Protein A/S for the financial year , which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group s and the Parent s financial position at , and of the results of their operations for the financial year in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor s responsibilities for the audit of the consolidated financial statements and the parent financial statements section of this auditor s report. We are independent of the Group in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other mattermanagement's responsibilities for the consolidated financial statements and the parent financial statements Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group s and the Entity s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent financial statements.

6 Hamlet Protein A/S 4 Independent auditor's report As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group s and the Entity s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the management commentary Management is responsible for the management commentary.

7 Hamlet Protein A/S 5 Independent auditor's report Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Aarhus, Deloitte Statsautoriseret Revisionspartnerselskab Central Business Registration No (CVR) Thomas Rosquist Andersen State Authorised Public Accountant Identification No (MNE) mne31482

8 Management commentary Hamlet Protein A/S 6 Management commentary Financial highlights Key figures Revenue 574, , , , ,479 Gross profit/loss 137, , , , ,870 Operating profit/loss -2,496 15,244 32,182 36,428 23,470 Net financials -19,530-8,295-4,810-9,640-13,028 Profit/loss for the year -18,756 3,508 15,009 16,129 10,017 Total assets 512, , , , ,939 Investments in property, plant and equipment 34,706 37,639 83,274 51,205 14,452 Equity 186, , , ,837 97,431 Ratios Gross margin (%) Net margin (%) (3.3) Return on equity (%) (9.4) Equity ratio (%) Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Calculation formula reflects Gross margin (%) Gross profit/loss x 100 Revenue The entity's operating gearing. Net margin (%) Return on equity (%) Profit/loss for the year x 100 Revenue Profit/loss for the year x 100 Average equity The entity's operating profitability. The entity's return on capital invested in the entity by the owners. Equity ratio (%) Equity x 100 Total assets The financial strength of the entity.

9 Hamlet Protein A/S 7 Management commentary Primary activities New Nutrition Holding ApS Denmark New Nutrition ApS Denmark (100% owned) HAMLET PROTEIN A/S Denmark (100% owned) HAMLET PROTEIN Inc. Ohio USA (100% owned) HAMLET PROTEIN GmbH. Germany (100% owned) HAMLET Trading Co. Ltd. Qingdau China (100% owned) HAMLET PROTEIN Inc. Iowa USA (100% owned)

10 Hamlet Protein A/S 8 Management commentary Hamlet Protein Group HAMLET PROTEIN A/S' business strategy is to develop, produce and sell vegetable protein solutions used in high value add animal feed for young animals. The company services more than 50 countries from its two production facilities in Horsens, Denmark and Findlay, Ohio, USA. The subsidiary, New Nutrition ApS is located in Denmark, and handles selected group functions. The subsidiary, HAMLET PROTEIN A/S is located in Denmark, and handles the development, production and distribution of products globally, as well as selected group functions. The subsidiary, HAMLET PROTEIN Inc., is located in Ohio, USA, and handles the production sales, and distribution of products, primarily to North America and Asia. The subsidiary, Hamlet (Qingdao) Trading Co., Ltd. is located in Shandong, China, and handles import, sales and distribution to new customers in China. The subsidiary, HAMLET PROTEIN GmbH is located in Germany, and handles direct sales to new customers in Germany speaking countries. The subsidiary, HAMLET PROTEIN Iowa Inc. has no operating activities. The Group is owned by New Nutrition Holding S.à.r.l., Luxembourg, which ultimately is owned by Goldman Sachs Group Inc. ( GS Group ) and Altor Fund IV Holding AB. Development in activities and finances Overall, sales volume grew by 3% in comprising a soft first half year and an extremely busy second half year with high capacity utilisation at both plants. A change in country mix, however, and continued investments in long-term growth resulted in lower earnings. Net income for the year was DKK -18,756K, which is DKK 22,264K lower than last year. Increased fertilisation allowances in Denmark resulted in increased protein levels in Danish grain as from the harvest, thereby reducing the use of additional protein sources such as Hamlet Protein in animal feed. Consequently, our main market in Denmark contracted significantly late resulting in reduced volume from the start of. In addition, volumes remained negatively affected by the current trade embargo in Russia and Belarus regarding food products from EU. Sales to the piglet segment in USA, China and Asia in general, however, continued recent year s strong growth trend and particularly in the second half-year Hamlet Protein accelerated sales to the poultry segment in Europe, Middle East and Africa. The calve segment in Western Europe stabilised in after a couple of years with historically low milk prices. By mid-year, the volume increases in new markets surpassed the volume loss in Denmark and especially fourth quarter showed significant growth over previous quarters and same period last year. In all main markets, we have maintained or increased our strong market share through improved competitive positioning and expanded deployment of our own teams, mainly within piglets. We are solely specialized in

11 Hamlet Protein A/S 9 Management commentary young animals and the strong market position is maintained and expanded via profound and specific knowhow within the individual animals, combined with ongoing documentation from an increasing number of feeding trials across the world. As demand for safe and affordable meat products continues to grow in all regions of the world so does the demand for quality feed protein. The growth is supported by long-terem structural mega trends such as population growth, transition from backyard farming towards more industrialized farming practises as well as greater focus on antibiotic free feed practices and feed safety. Especially the North American and Asian markets have accounted for a considerable growth, driven by the need for continued optimisation while eliminating antibiotics in animal feed. Finally, demand is fostered by increased focus on feed security by reducing the use of animal protein in favour of secure, high efficiency products such as HAMLET PROTEIN's soy based products. As an integral part of HAMLET PROTEIN s DNA we continuously document the value-adding performance of HAMLET PROTEIN products in international trials, and at any one time, at least 30 feeding trials are underway at farms and universities. The investments in long-term growth include a significant strengthening of our Strategic Marketing and R&D activities with the aim to further broaden the knowledge of our products in future growth markets. Trials and study findings are published as meta-analyses, white papers and other technical documents, and all data is collected and analysed in accordance with recognized statistical standards. At the HAMLET PROTEIN Innovation Center, we draw on our knowledge of bioavailability, biotechnology, bioconversion and the practical application of our feed ingredients to meet all these demands. Every year, we run hundreds of tests in our pilot production plant to verify efficacy and customer value. Many of our innovation projects are run in partnership with customers and external research institutes. Together, we aim to lead the way to bigger and better achievements within specialty proteins for young animals. The investments in future growth also include strengthening and expansion of our sales organisations in significant future growth markets such as North America and China. In China Hamlet Protein opened a fully owned sales subsidiary early and the sales organisation has been strengthened and expanded during the year, successfully conducting own import and direct sales to large customers. Hamlet Protein also opened a fully owned sales subsidiary in Germany in with the aim to support our distributors and to sell directly to large customers in German speaking countries. Outlook For 2018 we expect that the global trend towards increasing demand for quality protein will continue. We expect that the segments and regions driving our growth will continue and increase sales volume by 7-11% in We will in 2018 continue to invest in future growth by increasing our production capacity, by further strengthening our global growth platform and by investments in our organization. Through the combination of accelerated sales growth, and improved utilisation of our production facilities, we expect a 20-30% improvement in net earnings in 2018 compared to.

12 Hamlet Protein A/S 10 Management commentary Particular risks The pricing of the HAMLET PROTEIN's raw materials and finished goods is influenced by the price development on international commodity exchanges, which, together with the price development on substitute goods, will influence the Company's and customers' competitive situation, resulting in uncertainty about forecasted results. A substantial part of the Company's products is sold to the agricultural sector. The market conditions for these customers are subject to high volatility, meaning that the market situation may change rapidly and be difficult to predict. HAMLET PROTEIN strives at encountering such conditions by setting up our production, sales and distribution channels as flexible as possible. It is company policy to hedge risks on transactions denominated in selected foreign currencies and purchases of raw materials. The Company's exposure to changes in the interest rate of loans is regularly assessed, and interest hedging is made at group level. Currency risks on the investment in the US subsidiary have partly been hedged by means of taking up loans denominated in USD. Intellectual capital resources One of the Company s strategic drivers is to attract and retain qualified and motivated employees. The Company provides its employees with a safe and healthy workplace and follows procedures intended to safeguard all employees and avoid workplace accidents and maintain compliance. To maintain and improve its safety standards, the Company focuses on avoiding occupational accidents, and security in our facilities is our top priority. We have established Safety Committees that are committed to workplace safety, who regularly follow up and document workplace accidents. Industrial accidents are measured based on the number of hours absent due to industrial accidents per million working hours. In, this ratio accounted for 0,04% in HP A/S and for 0,0% in the US subsidiary. To ensure and improve the general working environment, the Company follows up on staff turnover, capability development and absence due to sickness. We continuously work with a number of activities, which help in promoting an attractive and motivating working environment, which the Company wishes to offer to all its employees. We work diligently and are dedicated to the recruitment and integration of new employees, just as we focus on maintaining and developing our employees' personal and professional skills. The annual performance reviews is an important part of these efforts. objectives for absence due to sickness, staff turnover and capability development In HP A/S we measure short term and long term absence due to sickness. For short term absence due to sickness was 0,8 %, which is well below the objective of 2.5%. Absence due to sickness totalled 1,1% in the US subsidiary. At year end, the Group had 126 employees, 3 independent consultants and 2 employed on a third party contract. 34 new employees were hired in and 21 employees left during. Staff turnover represented

13 Hamlet Protein A/S 11 Management commentary 11%. The turnover was lower than expected for. The Company is expected to have a turnover of approx. 15% in In, 88% of the performance reviews were performed in HP A/S. In the US subsidiary, 77% of performance reviews were carried out. We see this as very positive and as an indication that we focus on maintaining and developing our employees professional and personal skills. Environmental performance Ever since we designed our production process in the early 1990s, we have focused on optimizing our use of energy and water and reducing waste. This means that the plant in Denmark is certified according to the ISO 50001:2011 energy management system standard and the plant in US is built on the same level of technology. Apart from steam consisting of water and carbon dioxide our emission is close to zero. The objective at HAMLET PROTEIN is to maintain certified in accordance with ISO 50001:2011 in DK and prepare for certification in US in On both factories, we have made considerable investments in thermal incineration plants, which mean that we are capable of reducing energy consumption per produced tonne of finished goods by more than 10%. In general, our energy policy and measures taken contributed to a reduction of the Group's environmental impact in. Research and development activities In, HAMLET PROTEIN incurred research and development costs for products for both new and existing customers. All development costs are capitalised in the balance sheet. Group relations Being owned by equity funds, Hamlet Protein A/S is subject to the guidelines for active ownership and corporate governance for equity funds and their controlled enterprises as issued by the Danish Venture Capital and Private Equity Association ("DVCA"). In general, Hamlet Protein A/S complies with these guidelines & disclosure recommendations apart from areas where the Company's Management assesses that the disclosure of specific information will be detrimental to the Group's and the Company's competitive situation. Shareholders The Company is owned by New Nutrition Holding ApS, which ultimately is owned by Goldman Sachs Group Inc. ( GS Group ) and Altor Fund IV Holding AB. The Company's share capital is not divided into share classes, and the Company's articles of association do not stipulate any limits for ownership or voting right. The Board of Directors regularly assesses whether the Company's capital structure is sound. The overall objective is to ensure that the Company's capital structure supports its growth strategy.

14 Hamlet Protein A/S 12 Management commentary Quality Both our plants in Denmark and USA meet the criteria of the feed safety standard GMP+ and the food safety management standard ISO On top of that our strict Feed Safety Policy ensures full traceability of both GMO and non-gmo products, allowing any batch to be easily traced if need be. Every week, our laboratory team analyses 200 protein samples, taken round-the-clock from our production lines. These analyses are an important part of our customer service and guarantee of high product quality. The Board of Directors' duties The Board of Directors of the Company ensures that the Executive Board complies with the decisions, strategies and business procedures adopted by the Board of Directors. The Board of Directors in New Nutrition Holding ApS meets according to a fixed schedule. In, the Board of Directors held six meetings. The Board of Directors does not rely on any subcommittees due to the size and complexity of the Company. Accordingly, the entire Board of Directors has focused on significant accounting policies and significant accounting estimates, transactions with related parties, if any, as well as uncertainties and risks in its financial reporting process. Together with the auditors, the quality of the Company's internal control systems is assessed on a regular basis, just as the auditors' independence is verified. Areas that are identified as particularly critical, such as foreign currency policy, procurement policy and insurance matters, are regularly discussed within the Board of Directors. Statutory report on corporate social responsibility HAMLET PROTEIN strives to define its corporate social responsibility within the areas of energy and environment as described above, responsible sourcing, organisation and human resource issues. We believe that human rights should be observed and respected in all respects. Our predominant raw material is soy which we acquire partly from producers in South America, and we are aware that there is a potential risk of lacking compliance with human rights in the production chain. The risk is, however, mitigated by means of our policy for responsible sourcing of raw materials. Responsible sourcing HAMLET PROTEIN's objective is to be leading within product quality and product integrity, and we constantly strive to strengthen our supply chain towards sustainability but at the same time balancing the need for an effective and reliable flow of raw materials to our production units. Our aim is always to use soy producers that demonstrate social and environmental responsibility. We buy our raw materials from the world's leading soy producers in North and South America and have since day one paid a surcharge to meet our objectives, which has been proven since we achieved our ISO certification in 2005 including clear policy for sourcing SBM. HAMLET PROTEIN solely buys soy from suppliers who are approved according to our quality management system before goods are delivered. In the US, we buy from internationally recognised suppliers; either members of NOPA (National Oilseed processors Association) or related members.

15 Hamlet Protein A/S 13 Management commentary In South America, we require the following from our suppliers: The supplier is not involved or supports the use of child labour, forced labour, discrimination or harassment The supplier supports voluntary unionism of employees and the right to negotiate collective agreements for all employees The supplier does not buy soy from land in the Amazon Biome cleared after 24 July The supplier does not buy soy grown from land where natives' residences have been removed after May 2009 except if in accordance with national legislation The supplier supports the use of pesticides in accordance with local legislation, the Stockholm Convention and the Rotterdam Convention. Alternatively, we require that our soy suppliers are certified according to the ProTerra Standard or committed to the Soy Moratorium or in any other way are able to document that they live up to the Basel Criteria (4th edition ). Our goal is that minimum 90% of our soy supplies should comply with these conditions. In recent years, the compliance rate has exceeded this minimum. As new and improved soy certification programmes become available, we will consider implementing these programmes in our standard basis for sourcing. Statutory report on the underrepresented gender Hamlet Protein A/S supreme governing body, the Board of Directors, consists at year end of one female and five male members. The continuous goal is to have at least one female board member. The goal is seen to be ambitious, given an industry in which the basis of recruitment primarily consists of men. Our goal is to represent a minimum of 40% of each gender in other management levels within our enterprise. This goal is not fulfilled for as the gender composition was 66% male and 34% female by year-end. We have improved with approximately 4% from on the ratio for female managers. We are an equal opportunity employer and aim at maintaining and reaching the gender ratio objective for each management group, but we will always employ the person who is best qualified for the job. Both male and female employees are encouraged to apply for internally advertised positions and to develop their skills and careers. Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

16 Consolidated income statement for Hamlet Protein A/S 14 Consolidated income statement for Notes Revenue 2 574, ,572 Other operating income 7, Costs of raw materials and consumables -362, ,910 Other external expenses 3, 4-82,668-90,177 Gross profit/loss 137, ,076 Staff costs 5-80,292-69,216 Depreciation, amortisation and impairment losses -49,935-48,335 Other operating expenses -9, Operating profit/loss -2,496 15,244 Other financial income ,185 Other financial expenses 7-19,618-10,480 Profit/loss before tax -22,026 6,949 Tax on profit/loss for the year 8 3,270-3,441 Profit/loss for the year 9-18,756 3,508

17 Consolidated balance sheet at Hamlet Protein A/S 15 Consolidated balance sheet at Notes Completed development projects Acquired intangible assets 7,593 7,353 Goodwill 64,504 71,354 Intangible assets 10 72,097 78,901 Land and buildings 65,201 76,816 Plant and machinery 178, ,700 Other fixtures and fittings, tools and equipment 6,903 7,764 Property, plant and equipment in progress 25,838 10,163 Property, plant and equipment , ,443 Deposits Fixed asset investments Fixed assets 348, ,577 Raw materials and consumables 15,741 11,794 Manufactured goods and goods for resale 14,840 20,197 Inventories 30,581 31,991 Trade receivables 86,298 68,271 Other receivables 14,502 9,111 Prepayments 1, Receivables 102,551 78,058 Cash 30,739 39,933 Current assets 163, ,982 Assets 512, ,559

18 Hamlet Protein A/S 16 Consolidated balance sheet at Notes Contributed capital 4,710 4,710 Retained earnings 182, ,964 Equity 186, ,674 Deferred tax 13 7,132 11,074 Provisions 7,132 11,074 Mortgage debt 10,425 13,358 Non-current liabilities other than provisions 14 10,425 13,358 Current portion of long-term liabilities other than provisions 14 1,824 2,892 Bank loans 39,214 47,911 Trade payables 58,483 31,367 Payables to group enterprises 189, ,152 Income tax payable Other payables 18,509 17,131 Current liabilities other than provisions 308, ,453 Liabilities other than provisions 318, ,811 Equity and liabilities 512, ,559 Events after the balance sheet date 1 Financial instruments 15 Unrecognised rental and lease commitments 16 Assets charged and collateral 17 Transactions with related parties 18 Group relations 19 Subsidiaries 20

19 Consolidated statement of ch anges in equity for Hamlet Protein A/S 17 Consolidated statement of changes in equity for Contributed capital Retained earnings Total Equity beginning of year 4, , ,674 Exchange rate adjustments 0-5,662-5,662 Fair value adjustments of hedging instruments 0-1,648-1,648 Tax of entries on equity Profit/loss for the year 0-18,756-18,756 Equity end of year 4, , ,970

20 Notes to consolidated financial statements Hamlet Protein A/S 18 Notes to consolidated financial statements 1. Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2. Revenue Europe 307, ,550 Asia 163, ,148 America 94,374 96,654 Africa 9,638 5, , , Other external expenses Special items for the year are specified below just as the items under which they are are recognised in the income statement: Income Operation loss insurance Grant income Expenses Consultancy, strategy and legal compliance Special items are recognised in the below items Other operating income Other external expenses Fees to the auditor appointed by the Annual General Meeting Statutory audit services Tax services Other services Fees for are to Ernst and Young while fees for are to Deloitte

21 Hamlet Protein A/S 19 Notes to consolidated financial statements 5. Staff costs Wages and salaries 68,507 59,068 Pension costs 3,943 2,907 Other social security costs 2,884 3,856 Other staff costs 4,958 3,385 80,292 69,216 Average number of employees Remuneration of management Remuneration of management Executive Board 5,112 5,243 Board of Directors 1,348 1,048 6,460 6,291 The remuneration to the Executive Board is paid by the parent. 6. Other financial income Financial income arising from group enterprises 26 0 Other interest income 62 0 Exchange rate adjustments 0 2, , Other financial expenses Financial expenses from group enterprises 7,018 6,941 Other interest expenses 1,484 2,472 Exchange rate adjustments 10,051 0 Other financial expenses 1,065 1,067 19,618 10,480

22 Hamlet Protein A/S 20 Notes to consolidated financial statements 8. Tax on profit/loss for the year Current tax 211 3,204 Change in deferred tax -3, Adjustment concerning previous years ,270 3, Proposed distribution of profit/loss Retained earnings -18,756 3,508-18,756 3, Intangible assets Completed development projects Acquired intangible assets Goodwill Cost beginning of year 1,501 8, ,000 Exchange rate adjustments Transfers 1, Additions 260 1,158 0 Disposals Cost end of year 2,753 10, ,000 Amortisation and impairment losses beginning of year -1,307-1,501-65,646 Exchange rate adjustments Amortisation for the year -2, ,850 Reversal regarding disposals Amortisation and impairment losses end of year -2,753-2,413-72,496 Carrying amount end of year 0 7,593 64,504

23 Hamlet Protein A/S 21 Notes to consolidated financial statements 11. Property, plant and equipment Land and buildings Plant and machinery Other fixtures and fittings, tools and equipment Property, plant and equipment in progress Cost beginning of year 121, ,351 27,890 10,163 Exchange rate adjustments -5,445-29, Transfers Additions 1,650 12,491 2,133 18,432 Disposals -5, ,705 Cost end of year 112, ,003 29,711 25,838 Depreciation and impairment losses beginning of year -44, ,651-20,126 0 Exchange rate adjustments , Depreciation for the year -3,861-33,076-3,121 0 Reversal regarding disposals Depreciation and impairment losses end of year -46, ,580-22,808 0 Carrying amount end of year 65, ,423 6,903 25, Fixed asset investments Deposits Cost beginning of year 233 Cost end of year 233 Carrying amount end of year 233

24 Hamlet Protein A/S 22 Notes to consolidated financial statements 13. Deferred tax Intangible assets 1,581 1,481 Property, plant and equipment 17,057 20,735 Tax losses carried forward -11,506-11,142 7,132 11,074 Changes during the year Beginning of year 11,074 Recognised in the income statement -3,580 Recognised directly in equity -362 End of year 7,132 Deferred tax liabilities are expected to be set off within 1-5 years. 14. Liabilities other than provisions Due within 12 months Due within 12 months Due after more than 12 months Outstanding after 5 years Mortgage debt 1,824 2,892 10,425 4,783 1,824 2,892 10,425 4, Financial instruments The group uses hedging instruments such as forward exchange contracts to hedge recognized and nonrecognized transactions. Recognized transactions Hedging of recognized transactions primarily includes receivables and payables. Forecast transactions The group uses forward exchanges contracts to hedge expected currency risks relating to sale and purchase of goods in the coming year. Furthermore, a few large potential high-risk transactions after the next year are hedged through currency options. The forward exchange contracts has a negative value of DKK 939K as per and the period runs from 1-12 months. 16. Unrecognised rental and lease commitments Liabilities under rental or lease agreements until maturity in total 6,290 6,360

25 Hamlet Protein A/S 23 Notes to consolidated financial statements 17. Assets charged and collateral The group has concluded regular forward purchase contracts for raw materials. The group is liable for total bank loans in the New Nutrition Holding Group. At year-end total credit facilities amounted to DKK 429 million. A mortgage of USD 2,000 thousand secured upon the Group's properties has been provided as collateral for transactions with Ohio Department of Development. The carrying amount of mortgaged properties amounted to USD 4,640 thousand. As collateral for commitments with banks, the following has been deposited: - Mortgage of DKK 25,083 thousand secured on the property Saturnvej 51, Horsens. - Owner's mortgage of DKK 20,000 thousand and letter of indemnity of DKK 18,000 thousand secured on the Company's property Saturnvej 51, Horsens. The carrying amount of mortgaged properties amounted to DKK 36,442 thousand. As collateral for commitments with banks, the following has been deposited: - Letter of indemnity on movables of DKK 12,000 thousand and chattel mortgage registered to the owner of DKK 12,000 thousand secured upon machinery and fixtures and fittings, etc. The carrying amount of assets provided as colleteral amounted to DKK 45,465 thousand. 18. Transactions with related parties New Nutrition ApS (CVR: ), Horsens, owns 100% of the shares in the company and therefore has controlling interest. Referring to section 98 (C) of the Danish Financial Statements act the company does not disclose transactions with related parties as the transactions have been performed at arm s length. 19. Group relations Name and registered office of the Parent preparing consolidated financial statements for the largest group: New Nutrition Holding S.a.r.l., Luxenbourg. Name and registered office of the Parent preparing consolidated financial statements for the smallest group: New Nutrition Holding ApS, Denmark.

26 Hamlet Protein A/S 24 Notes to consolidated financial statements 20. Subsidiaries Registered in Corporate form Equity interest % Equity Profit/loss Hamlet Protein Inc. Ohio, USA Inc ,059 1,001 Hamlet Protein Iowa Inc. Hamlet Protein GmbH Hamlet Trading Co. Ltd. Iowa, USA Inc , Germany GmbH China Ltd ,706 12

27 Parent income statement for Hamlet Protein A/S 25 Parent income statement for Notes Revenue 2 402, ,148 Other operating income 6, Costs of raw materials and consumables -274, ,428 Other external expenses -37,316-34,306 Gross profit/loss 97, ,426 Staff costs 3-57,319-48,136 Depreciation, amortisation and impairment losses -24,627-22,229 Other operating expenses -24,547-29,877 Operating profit/loss -8,952 8,184 Income from investments in group enterprises Other financial income 6,060 8,996 Other financial expenses -19,346-9,928 Profit/loss before tax -22,134 6,779 Tax on profit/loss for the year 3,378-3,271 Profit/loss for the year 4-18,756 3,508

28 Parent bal ance sheet at Hamlet Protein A/S 26 Parent income statement for Notes Completed development projects Acquired intangible assets 7,593 7,353 Goodwill 64,504 71,354 Intangible assets 5 72,097 78,901 Land and buildings 36,441 38,574 Plant and machinery 39,405 43,451 Other fixtures and fittings, tools and equipment 6,050 6,618 Property, plant and equipment in progress 22,076 9,736 Property, plant and equipment 6 103,972 98,379 Investments in group enterprises 51,511 54,615 Deposits Fixed asset investments 7 51,744 54,848 Fixed assets 227, ,128 Raw materials and consumables 11,762 7,988 Manufactured goods and goods for resale 7,957 9,776 Inventories 19,719 17,764 Trade receivables 57,139 56,634 Receivables from group enterprises 147, ,653 Other receivables 14,242 7,965 Prepayments 8 1, Receivables 220, ,928 Cash 10,833 24,036 Current assets 251, ,728 Assets 478, ,856

29 Hamlet Protein A/S 27 Parent balance sheet at Notes Contributed capital 4,710 4,710 Reserve for net revaluation according to the equity method 0 3,308 Reserve for development expenditure 3,349 1,546 Retained earnings 178, ,110 Equity 186, ,674 Deferred tax 9 6,946 10,714 Provisions 6,946 10,714 Mortgage debt 2,752 3,801 Non-current liabilities other than provisions 2,752 3,801 Current portion of long-term liabilities other than provisions 1,049 2,037 Bank loans 39,215 47,911 Trade payables 39,455 24,835 Payables to group enterprises 189, ,152 Other payables 12,691 11,732 Current liabilities other than provisions 282, ,667 Liabilities other than provisions 284, ,468 Equity and liabilities 478, ,856 Events after the balance sheet date 1 Financial instruments 10 Unrecognised rental and lease commitments 11 Contingent liabilities 12 Assets charged and collateral 13 Related parties with controlling interest 14 Transactions with related parties 15

30 Parent stat ement of changes in equity for Hamlet Protein A/S 28 Parent statement of changes in equity for Contributed capital Reserve for net revaluation according to the equity method Reserve for development expenditure Retained earnings Equity beginning of year Exchange rate adjustments Fair value adjustments of hedging instruments Tax of entries on equity Transfer to reserves Profit/loss for the year Equity end of year 4,710 3,308 1, , , , , ,803-1, ,860 4, , ,911 Total Equity beginning of year 212,674 Exchange rate adjustments -5,662 Fair value adjustments of hedging instruments -1,648 Tax of entries on equity 362 Transfer to reserves 0 Profit/loss for the year -18,756 Equity end of year 186,970

31 Notes to parent financial statements Hamlet Protein A/S 29 Notes to parent financial statements 1. Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2. Revenue Europe 293, ,550 Asia 97,855 91,622 Americas 1, Africa 9,213 5, , , Staff costs Wages and salaries 48,826 41,946 Pension costs 3,482 2,836 Other social security costs Other staff costs 4,548 2,881 57,319 48,136 Average number of employees Remuneration of management Remuneration of management Executive Board 5,112 5,243 Board of Directors 1,348 1,048 6,460 6,291 The remuneration to the the Board of Directors is paid by the parent.

32 Hamlet Protein A/S 30 Notes to parent financial statements 4. Proposed distribution of profit/loss Transferred to reserve for net revaluation according to the equity method Transferred to other reserves 0 1,546 Retained earnings -18,860 2,435-18,756 3, Intangible assets Completed development projects Acquired intangible assets Goodwill Cost beginning of year 1,501 8, ,000 Transfers 1, Additions 260 1,158 0 Disposals Cost end of year 2,753 9, ,000 Amortisation and impairment losses beginning of year -1,307-1,454-65,646 Amortisation for the year -2, ,850 Reversal regarding disposals Amortisation and impairment losses end of year -2,753-2,372-72,496 Carrying amount end of year 0 7,593 64,504

33 Hamlet Protein A/S 31 Notes to parent financial statements 6. Property, plant and equipment Land and buildings Plant and machinery Other fixtures and fittings, tools and equipment Property, plant and equipment in progress Cost beginning of year 76, ,496 25,078 9,736 Transfers ,330 Additions 414 4,955 2,008 14,670 Disposals Cost end of year 76, ,816 26,840 22,076 Depreciation and impairment losses beginning of year -37, ,045-18,460 0 Depreciation for the year -2,503-9,424-2,823 0 Reversal regarding disposals Depreciation and impairment losses end of year -39, ,411-20,790 0 Carrying amount end of year 36,441 39,405 6,050 22, Fixed asset investments Investments in group enterprises Deposits Cost beginning of year 44, Additions 2,415 0 Cost end of year 46, Revaluations beginning of year 10,374 0 Exchange rate adjustments -5,662 0 Transfers 39 0 Share of profit/loss for the year Revaluations end of year 4,855 0 Carrying amount end of year 51, A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.

34 Hamlet Protein A/S 32 Notes to parent financial statements 8. Prepayments Consists of prepaid goods. 9. Deferred tax Intangible assets 1,581 1,481 Property, plant and equipment 8,937 9,233 Tax losses carried forward -3, ,946 10,714 Changes during the year Beginning of year 10,714 Recognised in the income statement -3,406 Recognised directly in equity -362 End of year 6,946 Deferred tax liabilities are expected to be set off within 1-5 years. 10. Financial instruments The company uses hedging instruments such as forward exchange contracts to hedge recognized and nonrecognized transactions. Recognized transactions Hedging of recognized transactions primarily includes receivables and payables. Forecast transactions The company uses forward exchanges contracts to hedge expected currency risks relating to sale and purchase of goods in the coming year. Furthermore, a few large potential high-risk transactions after the next year are hedged through currency options. The forward exchange contracts has a negative value of DKK 939K as per and the period runs from 1-12 months. 11. Unrecognised rental and lease commitments Liabilities under rental or lease agreements until maturity in total 6,290 6, Contingent liabilities The Entity participates in a Danish joint taxation arrangement where New Nutrition Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act,

35 Hamlet Protein A/S 33 Notes to parent financial statements the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 13. Assets charged and collateral As collateral for commitments with banks, the following has been deposited: - Mortgage of DKK 25,083 thousand secured on the property Saturnvej 51, Horsens. - Owner's mortgage of DKK 20,000 thousand and letter of indemnity of DKK 18,000 thousand secured on the Company's property Saturnvej 51, Horsens. - Letter of indemnity on movables of DKK 12,000 thousand and chattel mortgage registered to the owner of DKK 12,000 thousand secured upon machinery and fixtures and fittings, etc. The carrying amount of mortgaged properties amounted to DKK 36,442 thousand. The carrying amount of assets provided as collateral amounted to DKK 45,455 thousand. 14. Related parties with controlling interest New Nutrition ApS (CVR: ), Horsens, owns 100% of the shares in the company and therefore has controlling interest. 15. Transactions with related parties Referring to section 98 (C) of the Danish Financial Statements act the company does not disclose transactions with related parties as the transactions have been performed at arm s length.

36 Accounting policies Hamlet Protein A/S 34 Accounting policies Reporting class This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Consolidated financial statements The consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidation The consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group s accounting policies. Subsidiaries financial statement items are recognised in full in the consolidated financial statements. Investments in subsidiaries are offset at the pro rata share of such subsidiaries net assets at the acquisition date, with net assets having been calculated at fair value. Income statement Revenue Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Fair value adjustments of investment property Fair value adjustment of investment properties for the financial year of the Entity s investment properties measured at fair value at the balance sheet date. Other operating income Other operating income comprises income of a secondary nature as viewed in relation to the Entity s primary activities. Costs of raw materials and consumables Costs of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and ordinary writedowns of the relevant inventories.

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